On October 24, 2024, ITC shares experienced a notable decline of 1.29%, closing at ₹474.35 amid a cautious market sentiment. This movement reflects broader trading activities where benchmark indices, including the Nifty and Sensex, showed slight dips, prompting investors to reassess their strategies.
Current Price Movement
As of 3:00 PM, ITC shares are trading at ₹474.35, reflecting a decline of 1.29% from the previous closing price. The trading details can be summarized as follows:
| Detail | Price (₹) |
|---|---|
| Opening Price | 482.95 |
| Closing Price | 474.35 |
| Day’s High | 482.95 |
| Day’s Low | 471.30 |
Benchmark Indices
The Nifty index has displayed a slight dip of 0.14%, while the Sensex is currently at ₹80,057.56, showing a decrease of 0.03%.
Technical Analysis
From a technical standpoint, ITC is currently trading above its 300-day Simple Moving Average (SMA) while falling below the 5, 10, 20, 50, and 100-day SMAs. Below are the critical support and resistance levels for ITC:
| Type | Levels (₹) |
|---|---|
| Support Levels | 478.8, 477.25, 475.0 |
| Resistance Levels | 482.6, 484.85, 486.4 |
Volume and Trend Analysis
ITC shares are seeing a trading volume that is 38.04% higher than the previous session. This rise in volume combined with a price drop may signal a potential continuation of the bearish trend.
Fundamental Insights
In terms of fundamentals, ITC showcases a healthy Return on Equity (ROE) of 28.48%, while its current Price-to-Earnings (P/E) ratio stands at 29.38.
Institutional holdings in ITC are as follows:
| Holder Type | Percentage |
|---|---|
| Promoter Holding | 0% |
| Mutual Funds | 19.92% |
| Foreign Institutional Investors (FIIs) | 15.07% (up from 14.96% previous quarter) |
Market Sentiment and Outlook
The current market sentiment leans towards bearishness, indicated by the ongoing downtrend in ITC’s share price. Analysts forecast a median 1-year price target of ₹544, suggesting a potential upside of 14.68% from current levels.
Peer Comparison and Sector Performance
In comparison to its peers, such as Godfrey Phillips India, VST Industries, and NTC Industries, ITC is also experiencing declines. However, Golden Tobacco has reported an uptick in its share price.
Conclusion
In summary, ITC currently finds itself in a challenging market environment, with its shares slipping by 1.29%. Investors are advised to stay cautious given the prevailing market conditions, yet analysts hint at a brighter horizon with a target price reflecting potential growth.
FAQ
- What factors are influencing ITC’s share price decline?
- How does ITC’s financial performance compare to its peers?
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